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Recent Developments in Farm Planning: A Monte Carlo Method for the Study of Farm Planning Problems

Author

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  • Carlsson, Marten
  • Hovmark, Bertil
  • Lindgren, Ingvar

Abstract

A Monte Carlo method for studying farm planning problems is developed. The method allows the building of a flexible model including several objective functions, economies of scale, integer formulations and interactions between activities arising from, for example, rotational yield effects. The maximum number of activities in the solutions can be determined in advance. Minimum levels for the activities can be specified to eliminate levels of no practical interest. Many solutions are obtained between which the decision-maker can choose. A statistical analysis of the solutions for different levels of the objective functions gives an informative survey of the possible plans. Decision-making based on the Monte Carlo output may be of special interest with regard to "the behavioural theory of the firm".

Suggested Citation

  • Carlsson, Marten & Hovmark, Bertil & Lindgren, Ingvar, 1969. "Recent Developments in Farm Planning: A Monte Carlo Method for the Study of Farm Planning Problems," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(02), pages 1-24, June.
    • Handle: RePEc:ags:remaae:9229
    DOI: 10.22004/ag.econ.9229
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    References listed on IDEAS

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    1. Samuel H. Brooks, 1959. "A Comparison of Maximum-Seeking Methods," Operations Research, INFORMS, vol. 7(4), pages 430-457, August.
    2. Thompson, S. C., 1967. "An Approach to Monte -Carlo Programming," Reading Agricultural Economics Archive 272508, University of Reading.
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    Cited by:

    1. MacAulay, T. G., 1972. "Simulation as an Aid to Decision Making," Working Papers 244697, University of Guelph, Department of Food, Agricultural and Resource Economics.
    2. Burman, Leonard E., 1980. "A Review of Monte Carlo Applications in Agricultural Research," 1980 Annual Meeting, July 27-30, Urbana-Champaign, Illinois 278475, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Jock R. Anderson, 1975. "Programming For Efficient Planning Against Non‐Normal Risk," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 19(2), pages 94-107, August.

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    More about this item

    Keywords

    Farm Management;

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